Labor's Capital
The Economics and Politics of Private Pensions
Bibliographic Data
| ID | 5294451 |
|---|---|
| Authors | Leslie E Papke, Teresa Ghilarducci (0000-0002-1569-9454) |
| Year | 1994 |
| Volume | 47 |
| Issue | 4 |
| Pages | 714 |
| Publication date | 1994-07-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Industrial and Labor Relations Review (JOURNAL) |
| Journal identifiers | ISSN: 0019-7939 • E-ISSN: 2162-271X |
| Publisher | JSTOR (PUBLISHER) |
| DOI | 10.2307/2524674 |
| OpenAlex | W3149131196 |
| Language | EN |
| Citations received | 12 |
Why are pension funds so large and benefits so small? This examination of the 120-year-old American system of privatized social insurance--often called, at 1.7 trillion dollars, the biggest lump of money in the world--reveals that the system fails to provide adequate retirement income security, its most prominent goal, and, in fact, its greatest influence is in supplying funds to U.S. capital markets. Linking market forces, historical movements, and social norms in the evolution of pensions, Ghilarducci's study is the first to focus on all major aspects of the system. Its trenchant analysis of the many sides of pensions and pension policy addresses questions of whom the system benefits, its direct and social costs, and the possibilities of reforms that would take into account the related problems of capital formation and retirement income. Ghilarducci describes the history of pension funds and the involvement of unions in bargaining. She takes up the moral hazard involved in the conflicting interests of corporations and their employees, tackling issues of information availability and inequality of pension distribution based on sex, race, and job hierarchy. And in two chapters, each focusing on corporate and union uses of pension funds, she covers such topics as tax breaks, the effect of corporate takeovers, the use of pensions to pay back debt, and the kinds of skimming that can occur despite government regulation of pension activities. Ghilarducci concludes by presenting an ideal pension plan that would benefit both employer and employee and by offering predictions about pension plans of the future. Teresa Ghilarducci is Associate Professor of Economics at the University of Notre Dame
Business · Capital market · Debt · Economics · Labour economics · Market economy · Pension · Private pension · Social security · Finance · Housing, Finance, and Neoliberalism
Institutional investors and the reproduction of neoliberalism
Creating French-style pension funds
Monetary policy, financial crises, and the business cycle
The Politics of Economic Security
Can Strategic Investing Transform the Corporation
ESG Integration Treats Ethics as Risk, but Whose Ethics and Whose Risk? Responsible Investment in the Context of Precarity and Risk-Shifting
The role of pension funds in the financialisation of the Icelandic economy
What Makes for Effective Labor Representation on Pension Boards
What are Occupational Pension Plan Entitlements Worth in Britain
The Knot of Contracts
Contradictions of financialised neoliberalism
Ideas, private institutions and American welfare state ‘exceptionalism’
| Unique citing works | 12 |
|---|---|
| Citations per year | 0,39 |
| Citation span | 1995 - 2020 (26) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |